Stephen Is Restoring a Car and Has Already Spent $4,000

question 121

Multiple Choice

Stephen is restoring a car and has already spent $4,000 on the restoration.He expects to be able to sell the car for $5800.Stephen discovers that he needs to do an additional $2,400 of work to make the car worth $5,800 to potential buyers.He could also sell the car now,without completing the additional work,for $3,800.What should he do?

• A)He should sell the car now for $3,800.
• B)He should keep the car since it wouldn't be rational to spend $6,400 restoring a car and then sell it for only $5,800.
• C)He should complete the additional work and sell the car for $5,800.
• D)It does not matter which action he takes since the outcome will be the same either way.

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Definitions:

Family Problems

Issues or conflicts within a family unit that can affect relationships and the well-being of members.

Happiness

A state of well-being and contentment, reflecting a positive mood and the sense of life being good, fulfilling, and meaningful.

Big Five Trait Dimension

A model that describes personality using five broad dimensions: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Compassionate

Showing sympathy and concern for the sufferings or misfortunes of others, often accompanied by a desire to help.